Quarterly ResultMay 5, 2026, 06:52 AM
MPLX Q1 Net Income $912M, Adjusted EBITDA $1.73B
AI Summary
MPLX LP reported first-quarter 2026 net income of $912 million and adjusted EBITDA of $1.73 billion. Net income decreased by 19% and adjusted EBITDA by 1.6% compared to Q1 2025, primarily due to derivatives, interest expense, and depreciation. Despite the decreases, the company generated $1.4 billion in distributable cash flow and announced a distribution of $1.0765 per common unit, representing a 12.5% increase year-over-year, with a coverage of 1.3x. MPLX is advancing its mid-single-digit growth strategy through expansions in the Permian and Marcellus basins, expecting to support 12.5% annual distribution growth for two more years.
Key Highlights
- Net income attributable to MPLX was $912 million, a 19% decrease from Q1 2025.
- Adjusted EBITDA attributable to MPLX was $1,729 million, down 1.6% from Q1 2025.
- Distributable cash flow was $1,408 million, a 5.3% decrease from Q1 2025.
- Declared a Q1 2026 distribution of $1.0765 per common unit, up 12.5% year-over-year.
- Crude Oil and Products Logistics segment adjusted EBITDA increased 1% to $1,111 million.
- Natural Gas and NGL Services segment adjusted EBITDA decreased 6% to $618 million.
- Leverage ratio was 3.7x at the end of the quarter.
- Repurchased $50 million of common units in Q1 2026.